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Report No. 12

Chapter XXIV

Recognised Provident Funds


289. According and withdrawal of recognition.-

(1) The Commissioner may accord recognition to any provident fund which, in his opinion, satisfies the conditions prescribed in section 290 [58C embodied section for conditions] and the rules made thereunder and may, at any time, withdraw such recognition if, in his opinion, the provident fund contravenes any of those conditions:

Provided that the Commissioner may,-

'(a) subject to such conditions, if any, as he may consider necessary, accord recognition to any provident fund maintained by an enterprise which has been exempted from any or all of the provisions of any scheme framed under the Employees' Provident Funds Act, 1952 (19 of 1952), notwithstanding that any of the conditions mentioned in section 290 [58C embodied in section regarding conditions] are not satisfied; and

(b) withdraw such recognition if, in his opinion, the provident fund contravenes any of the conditions subject to which recognition was accorded by him.

[Section 58B(1)]

(2) An order according recognition shall take effect on such date as the Commissioner may fix in accordance with any rules the Central Board of Revenue may make in this behalf, such date not being later than the last day of the financial year in which the order is made.

[Section 58B(2)]

(3) An order withdrawing recognition shall take effect from the date on which it is made.

[Section 58B(3)]

(4) An order according recognition to a provident fund shall not, unless the Commissioner otherwise directs, be affected by the fact that the fund is subsequently amalgamated with another provident fund on the occurrence of an amalgamation of the undertakings in connection with which the two funds are maintained, or that it subsequently absorbs the whole or a part of another provident fund belonging to an undertaking which is wholly or in part transferred to or merged in the undertaking of the employer maintaining the first mentioned fund.

[Section 58B(3A)]

Income-Tax Act, 1922 Back

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